There are alternatives to the Golden Visa for British people wanting to live in Spain. (Image: Getty)
Brits wanting to move to have been handed a lifeline after the country announced it’s scrapping the Golden Visa scheme.
The coveted scheme allowed wealthy individuals to live in Spain in exchange for making an investment, but is due to be
However, an in the form of the non-lucrative residence visa (NLV), tailored to people with lots of money in the bank and therefore do not need to work.
According to the Spanish Ministry of Interior website, each applicant must complete and sign a visa application and the EX-01 form.
A recent, passport-size, colour photograph is also needed, taken against a light background, facing forward, without dark or reflective glasses, or any garments concealing the oval of the face.
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Spain is an incredibly popular destination with British expats. (Image: Getty)
The original and a photocopy of the page or pages of the passport that contain biometric data must be submitted. The passport must have a minimum validity period of one year, contain two blank pages, and been issued less than 10 years ago.
Applicants must provide original documents and copies that prove they have enough funds to cover their for the first year of their residence permit.
Alternatively, they must show that they have a regular income source, for themselves and, if applicable, for any family members accompanying them.
The minimum amount required is equivalent to 400% of Spain’s Public Multiple Effects Income Indicator (IPREM). An additional 100% of the IPREM must be added for each dependent family member.
The documentation should be in its original form with an official stamp and seal from the issuing agency, confirming enough money for the residency period or , such as a pension.
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If you’re of working age and , you’ll need to provide proof of pension receipt or a termination letter from your employer confirming that you will no longer be employed by them.
For self-employed individuals, an affidavit before a notary stating your agreement not to work while living in Spain is required.
Retirees must be beneficiaries of a in convertible currency or receive a life annuity, payable by a public or private institution in convertible currency and/or have investment accounts.
You’ll need to attach bank statements from the past three months and a copy of your most recent tax return. All foreign documents must be legalised and, if necessary, submitted with an official Spanish translation.
Lastly, you’ll need to undergo a fingerprint comparison-verified background check, which has a 90-day validity period from the issue date stated on it.